Kennebunk Savings

Kennebunk Savings and Biddeford Savings Bank Invest in Housing Project in Biddeford

Funds will be used to modernize Forest Green Apartments, making the property more energy efficient.

KENNEBUNK, MAINE - Biddeford Savings and Kennebunk Savings have announced a joint partnership with local real estate development company Bateman Partners LLC, to renovate Forest Green Apartments at 614 Main Street in Biddeford, Maine. Operating under the newly formed entity Forest Green Associates LP, the banks have invested $500,000 each – for a present value project total of $1 million – to be used by Bateman Partners to modernize the 40-unit complex. The project is currently underway and has an expected completion date of August 2010. 

Bradford C. Paige, Kennebunk Savings President and CEO, said, “We are pleased to partner with Biddeford Savings on the Forest Green project. As community banks we share a mutual sense of purpose and a longstanding commitment to the communities we serve.” Paige added, “Together, our partnership will provide the necessary resources to renovate the property, making it more energy efficient.” 

Built in 1975, Forest Green Apartments is an 11 acre, subsidized housing property located near the heart of downtown Biddeford. The 2, 3, and 4 bedroom apartments are being updated with new energy efficient appliances, heating units, windows and insulation on a per unit basis. 

Biddeford Savings President and CEO Charles Petersen said, “Partnering with Kennebunk Savings on this project was a logical and natural fit. Much like Biddeford Savings, Kennebunk Savings understands the importance of community and actively seeks out projects with important social meaning.”

Commenting on the project, David Bateman, President of Bateman Partners, said, “Both Kennebunk Savings and Biddeford Savings Bank are to be applauded for their leadership and dedication to making the Forest Green renovations a reality. We would not have been able to move forward with this project without their joint participation and willing financial commitment.”

The Forest Green renovations have been made possible by the Low-Income Housing Tax Credit (LIHTC) program that provides affordable housing investment opportunities for banks. Established as part of the Tax Reform Act of 1986, the LIHTC program provides market incentives to acquire and develop or rehabilitate affordable rental housing. 

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